MetricStream, the global market leader in integrated risk management (IRM) and governance, risk, and compliance (GRC), launches AiSPIRE, the industry’s first AI-powered, knowledge-centric GRC product. AiSPIRE will leverage large language models, GRC ontology-based knowledge graphs and generative AI capabilities to unlock the full potential of an organization’s existing GRC and transactional data. By providing cognitive insights across all aspects of enterprise GRC, AiSPIRE enables greater efficiency, as well as predictive and data-driven decision-making.
Over the years, organizations have created siloed processes and complex GRC environments through organic and inorganic growth. While traditional GRC tools attempted to address this by standardizing libraries, workflows, and assessments, the critical questions of risk and control rationalization, and prioritization risk assessments and audits of operational, IT & cyber risk assessments, audits, assessing third parties, regulatory compliance. and control test planning have remained unanswered. With limited resources and budgets, prioritization, planning, and driving faster risk decision making is critical to success.
“AiSPIRE empowers GRC professionals to separate the real signals from noise, delivering recommendations on effective prioritization and resource optimization to make strategic decisions, faster,” said Prasad Sabbineni, co-CEO of MetricStream. “Generative AI-powered GRC capabilities will truly deliver on our Connected GRC promise, bridging the gap between planning, execution, and better decision making.”
AiSPIRE connects with multiple systems and data sources, creates connected insights from underlying GRC data and provides connected insights to improve the performance of existing GRC programs. Unlike other GRC tools that rely on manually defined rules and workflows, AiSPIRE harnesses the power of a customer’s data to train advanced machine learning models and AI. It then continuously senses risk, audit and control deficiencies, patterns of over-testing and under-testing of controls, and allows proactive planning and prioritization of risk assessments, control testing, issue, and action planning.
“Knowing when and what to prioritize will significantly level up GRC programs, said Michael Rasmussen, GRC Industry Pundit, GRC 20/20. “AiSPIRE enables the high level of intelligence required to make more strategic decisions and has the potential to significantly improve the efficiency and adoption of GRC within the business.”
A leading global bank based in North America and a global investment management firm based in London have been using AiSPIRE. Initial estimates indicate more than 30 percent optimization of their risk and control processes based on early use of AiSPIRE.